Regency Scored County’s Top 2012 Retail Buy: $81M Grocery-Anchored Center in Hillcrest
By Alex Girda, Associate Editor
Regency Centers Corp. wrapped up 2012 with San Diego County’s biggest retail transaction of the year. Last month, the Jacksonville, Fla.-based REIT paid $81.1 million for Uptown District, a 148,638-square-foot grocery-anchored center located at 940 University Ave. in the Hillcrest neighborhood. Costar Group identified the buyer as Commercial Properties Services, which was represented by Alvin Mansour of Marcus & Millichap Real Estate Investment Services Inc.
Uptown District is anchored by Ralphs and Trader Joe’s, and its tenant roster includes national brands like Starbucks, Party City, Pier 1 Imports, Wells Fargo and Panera Bread. About 550,000 residents live within a five-mile radius. The 26-year-old property was renovated most recently in 2007, Costar reported.
Uptown District is 95 percent occupied, a rate that illustrates the strength of San Diego’s retail market. By the end of last year, vacancy in San Diego had declined to about 3 percent, well below the national rate of 9 percent, according to Marcus & Millichap.
Chart courtesy of Marcus & Millichap Real Estate Investment Services Inc. at marcusmillichap.com